Base Oil Market

Chevron Corporation (US) and Exxon Mobil Corporation (US) are Leading Players in the Base Oil Market

The base oil market is projected to grow from USD 33.7 billion in 2019 to USD 39.6 billion by 2024, at a CAGR of 3.3% from 2019 to 2024. The growing demand for high-grade oils in the automotive industry is driving market growth. Agreements, as well as plant and distribution channel expansions made by many prominent players, have also contributed to the growth of the base oil market across the globe.

Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL Corporation (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell plc (Netherlands), Neste Oyj (Finland), AVISTA OIL AG (Germany), Nynas AB (Sweden), Repsol S.A. (Spain), Ergon, Inc. (US), Calumet Specialty Products Partners, L.P. (US), H&R Group (Germany), Sinopec Corp. (China), PetroChina Company Limited (China), Saudi Aramco (Saudi Arabia), Abu Dhabi National Oil Company (ADNOC) (UAE), PT Pertamina (Persero) (Indonesia), Phillips 66 (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), GRUPA LOTOS S.A. (Poland), Sepahan Oil (Iran), GS Caltex Corporation (South Korea), and Hindustan Petroleum Corporation Limited or HPCL (India) are some of the leading players operating in the base oil market. These players have adopted the strategies of agreements, expansions, new product launches, acquisitions, collaborations, contracts, investments, and divestments to enhance their position in the market.

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In April 2018, Exxon Mobil Corporation entered into a new distributor agreement with Zestcor (South Africa), an experienced sales, procurement, and supply chain management company. The agreement aided Exxon Mobil Corporation in offering an efficient and reliable supply of high-quality base stocks in South Africa and the sub-Saharan region.

In November 2017, Motiva Enterprises LLC enhanced its Motiva STAR Base Oils portfolio by introducing Group III premium base oil products—STAR HVI 4 and STAR HVI 6. This enhancement helped the company broaden its product portfolio and strengthen its position as one of the leading base oil suppliers in the US.

Related Reports:

Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) - Global Forecast to 2024

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Report Code
CH 4087
RI Published ON
11/27/2019
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